Acknowledging unfavorable conditions in the City Center, and desiring to encourage the revitalization of it central business district, Teska Associates worked with City officials in establishing the first City Center Tax Increment Financing (TIF) District in April 2000. Using the City's Comprehensive Plan and City Center Development Plan as guides, Teska prepared a Redevelopment Plan outlining specific redevelopment goals and objectives, including costs and phasing for various public and private improvements.
The aim of the Plan is to revitalize Joliet's historic City Center into a vibrant mixed-use urban center. To this end, the Redevelopment Plan identified redevelopment sites, most of which took advantage of Joliet's existing stock of attractive historic buildings. Since then, several projects have been approved through the use of TIF funds. Those projects include the restoration of the Louis Joliet Hotel, the Loughran Building, the former Kline's Building, the former YMCA, and the G.H. Monroe Apartments. The TIF district has assisted in the redevelopment of these architecturally significant buildings that could not have been successfully redeveloped under normal market conditions. The TIF Redevelopment Plan has resulted in several million dollars of new investment in the downtown, including upscale restaurants, night clubs, offices, retail stores and condominiums.
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